Law: Companies Act, 2017

Section: 136,160

Law: Contract, Act, 1872

Section: 4

(a) Words and phrases--- ----Material Irregularity--- Meaning. Advanced Law Lexicon 4th Edition Volume 1 and Abdul Khaliq v. Judge Family Court 2003 MLD 1120 rel. (b) Companies Act (XIX of 2017)--- ----Ss. 136, 160---Contract Act (IX of 1872), S. 4---Election---Revocation of agreement---Pre-condition---Corporate democracy, principle of---Applicability---Petitioners assailed election of Stewards of Race Course Club on the plea that they had informed respondent regarding contesting of election and sought return of their withdrawal letters---Validity---Only requirement for communication of revocation of proposal was that the same came into knowledge of the person to whom it was made---Revocation of withdrawing from contesting elections made by petitioners to respondent was duly communicated to him and came into his knowledge who himself admitted such factum in his affidavit---Respondent at one hand did not handover withdrawal letters of petitioners before holding of Annual General Meeting (AGM) and on the other hand, elected ten candidates as Stewards without consent and without giving right to vote---Such act of respondent was not only violative to Art. 27 of Articles of Association of the Club but also was against principle of corporate democracy denying right of vote of petitioners to participate in AGM---Court was empowered under S. 160 of Companies Act, 2017, to declare election of all directors or any one or more of them invalid if it was satisfied that there had been material irregularity in its holding---High Court declared that proceedings at AGM were not in accordance with law and were invalid in terms of S. 136 of Companies Act, 2017---High Court also declared that in terms of S. 160 of Companies Act, 2017 elections of directors were invalid---High Court directed respondents to hold AGM afresh for the elections of Stewards of the Club in accordance with law and Articles and Memorandum of Association of the Club---Constitutional petition was allowed accordingly. New Law Lexicon Websters Dictionary as: “The state of knowing, cognition, understanding” and National Investment Trust Ltd. v. Al-Qaim Textile Mills Ltd. 1999 CLC 926 rel. Parshuram Dattaram…

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